Daily Motor News – Monday 23 September

New Vehicle Risk Rating model launching to help insurers keep pace with new and emerging vehicle risks

Thatcham Research, the insurer funded global leader in automotive risk intelligence, announces the launch of the new Vehicle Risk Rating (VRR) system to improve the accuracy of vehicle insurability assessments. Developed with the motor insurance industry, this new model introduces a more comprehensive and dynamic framework for evaluating vehicle risks, evolving the longstanding Group Rating system. Full story

Weary behind the wheel?

Weary drivers made more than twice the number of mistakes on everyday driving skills than those who were well-rested, with reaction times, precision, control and overall awareness all deteriorating.

The findings come from an experiment conducted by Allianz. It’s raising awareness about the significant dangers of driving tired after research revealed that 8 in 10 Brits (86%) have driven tired with over a third (41%) admitting to “powering through” to their destination instead of pulling over to rest. Full story

Exclusive: US to propose ban on Chinese software, hardware in connected vehicles

Reuters reports the US Commerce Department is expected to propose prohibiting Chinese software and hardware in connected and autonomous vehicles on American roads due to national security concerns, two sources told Reuters.

The Biden administration has raised serious concerns about the collection of data by Chinese companies on U.S. drivers and infrastructure as well as the potential foreign manipulation of vehicles connected to the internet and navigation systems. Full story

National Windscreens re-affirms its commitment to sustainability with new appointment

National Windscreens has appointed Craig Gibson as its new Sustainability and Compliance Manager, highlighting the company’s dedication to sustainable operations. In his new role, Craig will lead the company’s sustainability team, overseeing regulatory compliance and health & safety across the business. Full story

Wrisk and Helvetia Global Solutions sign partnership for Europe

Wrisk Europe GmbH and Helvetia Global Solutions Ltd have signed a cooperation agreement to deliver bespoke motor insurance solutions to automotive manufacturers, their financial services arms and other mobility providers across Europe. Full story

Business Car Awards 2024 winners revealed

The winners of the Business Car Awards 2024 have been announced.

The awards were handed out during a ceremony at the Hilton, London Bankside, on 19 September.

Among those celebrating were BMW, named as Fleet Manufacturer of the Year, and the AA, which picked up the prize for the Fleet Supplier of the Year. Full story

Announcement of Red Lamp Training and VSO Rollout

PROSE (Professional Recovery Operators Safety Executive) are now in a position to proudly announce that the application for all Roadside Recovery, Removal and Tyre industry operators to apply for a Vehicle Special Order (VSO) is now live. A VSO will allow operators or technicians to use Red Lamps on their vehicles.

The move comes after many years of campaigning by the Independent vehicle recovery industry. Full story

Leasing experiences continued growth in Q2 2024, according to new Experian report

As consumers find ways to navigate the ever-evolving automotive finance market, leasing is re-emerging as an optimal choice for those seeking flexibility and affordability. According to Experian’s (LSE: EXPN) State of the Automotive Finance Market Report: Q2 2024, leasing witnessed a notable increase—reaching 25.35%, up from 21.14% last year and 19.30% in Q2 2022.

“As the influx of new vehicle inventory persists, a wider range of models are becoming available and dealers and manufacturers are leaning back into leasing as a way to move metal,” said Melinda Zabritski, Experian’s head of automotive financial insights. “While vehicle prices remain elevated, leasing offers consumers the appeal of a lower monthly payment, part of the reason for the renewed interest.” Full story

Pleading fraud in a responsible manner

Carpenter’s Technical Lead and Operations Manager, Kevin Perkins, recently spoke to The MASS Insight Magazine about pleading fraud in a responsible manner.

“Fraud in all its guises is deplorable; it is far from a victimless crime…”. Full story

Tax contribution from the insurance and long-term savings industry hits record high

The Association of British Insurers’ (ABI) latest Total Tax Contribution (TTC) Survey, produced by PwC, shows that the trade association’s members contributed a record £18.5 billion to the UK’s public finances.

The £18.5 billion tax contribution for their accounting periods which ended in the 12 months up to 31 March 2024, marks a 9.1% increase since the previous report. This is more than double the amount recorded when the first survey was conducted in 2007 and currently accounts for 2% of the Government’s tax receipts. Full story

Alibaba, Nvidia collaborate on advanced autonomous-driving solution, computing services

Alibaba Group Holding’s cloud computing services unit and semiconductor powerhouse Nvidia are collaborating on an artificial intelligence initiative that will enable Chinese automakers to advance the autonomous driving experience for smart vehicle owners. Full story

Bodyshop Awards 2024 winners celebrated on night to remember

Bodyshop Magazine celebrated the best and brightest in the UK accident repair industry with its Bodyshop Awards 2024 winners yesterday (19 September) at the 28th edition of the most-respected and most-coveted prize-giving event in the sector.

Following months of jury deliberation and online and in-person hands-on technical testing, 17 independent awards were handed out to individuals and organisations from across the UK body repair and refinish sector, including apprentices and senior technicians, assessors, work providers, vehicle manufacturers, educators, and bodyshops of all sizes. Full story

India: What benefits do usage-driven motor insurance policies offer

Looking to buy a new car insurance policy or renewing your existing one? The master circular issued by the Insurance Regulatory and Development Authority of India (IRDAI) in June had some important guidelines that will help you.

IRDAI asked insurance companies to offer two options as first choice under motor insurance. One of the options was ‘pay-as-you-drive’ insurance cover. Full story